BMO Capital Raises Price Target on Citigroup (C) to $66 Following 2Q EPS Beat

BMO Capital reiterated an Outperform rating on Citigroup (NYSE: C), and raised the price target to $66.00 (from $63.00), following the company's 2Q earnings report. Citi reported EPS of $1.29, beating the consensus estimates of $1.11.

Analyst James R. Fotherin commented, "C's 2Q16 core EPS of $1.29 beat our $1.12 estimate by 15% and consensus of $1.11 by 16%. Relative to our forecasts, it was an "across-the-board" beat driven by lower-than-expected provisions for loan losses, higher net interest income (from a higher interest-earning asset balance), higher non-interest income (from better investment banking fees and trading revenues), and lower (recurring) operating expenses. Relative to C's 2Q16 reported EPS of $1.24, we calculate core EPS of $1.29 by adding back legal and repositioning charges (+$0.11) while stripping out the release of loan loss reserves (-$0.06)."

For an analyst ratings summary and ratings history on Citi click here. For more ratings news on Citi click here.

Shares of Citi closed at $44.33 yesterday.

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